Awarded vendors
- National Life Group
Description
The City of Fairbanks solicited a five‑year, employer‑funded permanent life‑insurance program for its 37 full‑time commissioned police officers. The plan must provide both living‑benefit options and a death benefit, include portability for officers who leave, and be administered by the awardee. The City will pay a flat $10,000 premium per officer each year while the policy is city‑owned; after 13 years of service the employee assumes ownership and future premium payments. The contract also requires electronic reporting, secure data exchange, and on‑site security clearance for work performed at the police department. National Life Group was selected as the winning vendor.
• Scope: design, issuance, administration, reporting, and support of a permanent life‑insurance group plan with living‑benefit and lifetime‑income features.
• Funding: City pays $10k per officer annually; ownership vests to employee after 13 years of service.
• Term: 5 years (Aug 1 2023 – Aug 1 2028) with renegotiation at expiration; no automatic renewal.